No, the Vancouver Housing Market Hasn't Become Worthless Overnight.
Yes, interest rates have gone up. Yes, the market has slowed down from the frantic pace that was set over the previous year. But that pace was unsustainable in the long-term.
We have now reached a more balanced market where buyers have the chance to look at properties for more than ten minutes, add subject clauses to their offers and take their time to make an informed decision whether to buy. Sellers won't sell as quickly but they will still sell.
It's about managing expectations. If you're still expecting to sell your $2.5M home in 3 days for over asking with multiple subject-free offers, you might be in for some disappointment. But keep in mind, that the last 12-18 months were an exception, not the norm. We're now going back to a more realistic and healthy housing market.
Not all areas have the same activity either. Some regions within the Lower Mainland will be more resilient than others to changing market conditions. So as with many things, the answer to "how quickly will my home sell?" is, it depends. It depends on your property type, the area you live in, the condition of your home and many other factors.
Whether you're buying, selling or just to cut through the noise to understand how best to act in changing market conditions, I'm here to help.
- Girish Hewawasam PREC